U.S. Economy Adds 261,000 Non-farm Payroll Jobs In October; Unemployment Rate 4.1 Percent

The U.S. economy added 261,000 non-farm payroll jobs in October and the unemployment lowered to 4.1 percent from 4.2, according to the U.S. Bureau of Labor Statistics, touching a 17 year low.

Since January, the U.S. unemployment rate has lowered by 0.7 percentage point and the total number of unemployed persons declined by 1.1 million.

Job growth rebounded in October after plunging to 18,000 in September, boosted by employment in food services and drinking establishments with an increase of 89,000, following a decline of -98,000 in September when employees were off payroll due to the hurricanes.

Revisions in total nonfarm payroll employment over the past 2 months included an increase of 90,000 jobs.

August’s non-farm payroll number was revised up from 169,000 to 208,000 while September’s employment number was revised from -33,000 to 18,000.

Following the revisions, job gains have averaged 162,000 over the past 3 months.

Average hourly earnings for all employees were little changed in October and declined -1 cent to $26.53 after increasing by 12 cents in September.

Average workweek for all employees on private nonfarm payrolls was unchanged at 34.4 hours in October.

The labor force participation rate decreased by 0.4 percentage point to 62.7 percent in October but has changed little over the past 12 months.

Written and Edited By:

John Schweitzer

@SchweitzFinance

@Schweitz31

schweitz31@gmail.com

 

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